Reported 2 days ago
The International Energy Agency (IAE) warns of a global oil glut next year as OPEC+ delays supply increases, forecasting an oversupply of 1.4 million barrels per day if planned output revivals begin in April. Even without these increases, a surplus of 950,000 barrels per day is expected. While global oil consumption is projected to grow modestly, supplies from non-OPEC+ countries are anticipated to surge, leaving the market well supplied despite OPEC+'s production adjustments.
Source: YAHOO